Tax deductible retirement contribution
My spouse is a teacher in NJ. He is 61 years old. We file federal income taxes as married filing jointly.
His w-2 shows, in box 14 (other) a pension plan with code 414(h). It shows an amount of just over ,000. We want to get a tax benefit for the year 2014 by starting two individual IRAs at the bank, one each, for the maximum allowed. I will start one for ,500, according to how I understand the limits (I am 60 years of age. We are confused about what my husband is permitted to do because different people have told us differently, and going to the IRS site is very hard to understand.
My husband asked the person at the school who is the resource for tax questions, and was told he could still do an individual Ira for the maximum amount. However a friend who also assists me doing my tax return, said that as long as box 13 (pension) is checked off, that he cannot. What is correct?
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